The United States Treasury Department has announced sanctions against a company called Funnull Technology, based in the People’s Republic of China (PRC). This action targets Funnull Technology for its alleged role in facilitating global cyber scams that have defrauded victims of millions of dollars.
According to the Treasury, Funnull Technology provided technology and services that enabled various malicious cyber activities, including business email compromise (BEC) schemes and other online fraud operations. These schemes often involve deceiving individuals and businesses into making fraudulent payments, frequently requested in virtual currency.
The sanctions are part of a broader effort by the U.S. government to combat cybercrime and disrupt the financial infrastructure used by cybercriminals. By targeting companies like Funnull Technology, the Treasury aims to cut off the technological support and resources essential for these widespread scams to operate effectively.
This move underscores the U.S. commitment to using financial tools to counter threats posed by cybercriminals and the entities that support them, regardless of where they are located. The sanctions mean that all property and interests in property of Funnull Technology that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to the Treasury’s Office of Foreign Assets Control (OFAC). Generally, U.S. persons are also prohibited from engaging in transactions with Funnull Technology.
Authorities believe that the services provided by Funnull Technology were instrumental in the success of numerous scam campaigns, which have caused significant financial losses to victims worldwide. The action serves as a warning to other technology companies that might be wittingly or unwittingly supporting malicious cyber activities. The focus remains on protecting individuals and businesses from the growing threat of sophisticated online fraud.
Source: https://securityaffairs.com/178450/cyber-crime/us-treasury-sanctioned-the-firm-funnull-technology.html
